Alphan
5.9K posts



Still can’t get over this. Quran is recited by an Imam under communist flags and a Turkish soldier guards the tomb as the late communist academic was a Cyprus war veteran






Private credit is one of the most discussed topics in markets right now, and there is a lot to make sense of. The current discourse is almost entirely focused on symptoms. Alan Waxman has spent the time diagnosing the root cause. Alan runs Sixth Street, a $130 billion private capital firm, and thinks about the financial system the way a historian would, studying the incentives, guardrails, and market structure that determine how things play out. In our conversation, he traces the evolution of American finance from the 1929 crash through Glass-Steagall, the GFC, and Basel III to explain how we arrived at what he calls the factory model, the industrialization of capital raising and deployment that he believes is the root cause of everything happening in private markets today. He also shares his one-sheet personal organization system that he has used for 25 years, his framework for the decades of a career, and what the concept of facing the tiger means for his firm in this environment. This is my second conversation with Alan (our first one is one of my favorites) and I encourage you to watch the episode because of how visceral his intensity and focus are. Enjoy! Timestamps: 0:00 Intro 13:48 The Rise of Private Capital 16:29 The Factory Model 22:19 The Wealth Channel 30:53 Asset-Liability Mismatches 44:17 AI & Creative Destruction 47:30 Personal Organization System 54:02 Career Eras & Success 59:19 Face the Tiger
















